Most research on status in international politics focuses on a state's ‘trait status’, defined by valued attributes that a state possesses, but ignores the importance of ‘role status’, which is constituted through state interactions and competent practices in world politics. By integrating prospect theory and role status scholarship, this article introduces a ‘status-saving’ argument to shed light on how states adopt risk-acceptant strategies to salvage the decline in their role status in world politics. We test the status-saving argument by examining the ASEAN states’ bold community-building efforts in the early 2000s, especially the adoption of the ASEAN Charter in 2007. We argue that both the economic and political conditions of ASEAN were far from mature enough to pursue such an institutionalization and legalization endeavour. The perceived decline of international role status after the 1998 Asian financial crisis, however, encouraged the ASEAN states to take this ‘great leap forward’ behaviour towards regional integration, which has placed ASEAN's long-term status and internal unity in a more risky and vulnerable position. We conclude that pursuing role status is another way for states, especially rising powers, to seek status in a deference hierarchy. Dominant powers should consider accommodating the pursuit of role status by rising powers and encourage ‘do-goodism’ in world politics.